Silence Laboratories Raises $4.1M Funding to Protect Enterprise Data with Cryptographic Multiparty Computation
In Brief
Silence Laboratories raised $4.1 million funding to boost enterprise data privacy and security with Multiparty computation (MPC).
Multiparty computation (MPC) infrastructure development startup Silence Laboratories raised $4.1 million in a funding round led by Pi Ventures and Kira Studio, among other investors. The company plans to direct the newly raised capital to expanding its technology and business teams, as well as enhancing its research and development pipeline.
Targeting digital asset enterprises, financial and healthcare organizations, and telecommunication companies, Silence Laboratories leverages MPC technology to keep their data private and safe.
MPC is a subset of cryptography that facilitates collaboration between two or more parties in processing tasks without revealing sensitive or private information to the other parties involved, ensuring confidentiality and security.
“In today’s digital ecosystem, trust, and privacy are not merely options but imperatives for sustainable growth. With this new injection of funds, Silence Laboratories is poised to redefine privacy by enabling businesses to fully embrace the power of AI while rigorously protecting their most vital asset – customer trust,” said Dr. Jay Prakash, CEO and founder of Silence Laboratories. “Our privacy-enhancing technologies assure that collaboration and innovation can flourish in an environment where the confidentiality and integrity of data are uncompromised.”
Silence Laboratories currently offers two products – Silent Shard and Silent Compute. Silent Shard, audited by the security auditing company Trail of Bits, allows enterprises and users to mitigate the risk of exposing sensitive private keys and incorporates advanced authorization rules. Meanwhile, Silent Compute enables businesses to collaborate on information processing without disclosing their private data to third parties.
Founded in 2021, Silence Laboratories started as a multi-factor authentication (MFA) company and later pivoted its business to build a cryptographic security company. Over the years of development, the company has been enlarging its global leadership team in cryptography, infrastructure business, and engineering.
The startup operates under a B2B licensing model, providing libraries that encompass a range of features and wrappers suitable for the platform and application-agnostic package. Currently, over 20 enterprise customers utilize Silence Laboratories’ products, including notable entities such as BitGo, MetaMask, and EigenLayer. The company’s annual recurring revenue is approximately $500,000.
Crypto Companies Embrace MPC Technology
Several prominent cryptocurrency companies have incorporated multiparty computation (MPC) capabilities into their services through acquisitions over the past years.
Cryptocurrency exchange Coinbase acquired Unbound Security, a crypto custody infrastructure firm with expertise in MPC, in 2021. Likewise, digital asset wallet for institutions Blockdaemon acquired Sepior, a digital asset security company specializing in key management services for institutional clients.
Furthermore, the market size for privacy-enhancing technologies, including MPC, is expected to grow significantly, reaching an estimated valuation of $25.8 billion by 2033. This marks a substantial increase from the $2.4 billion valuation projected for 2023, representing a growth of 26.6%, according to the FMI report.
With the recent injection of new funding, Silence Laboratories is set to enhance the security of digital asset enterprises using advanced cryptographic technology, further establishing its prominence in the industry.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
